Japan’s export growth has accelerated to the fastest pace since 2022, fueled by robust demand for chips and cars as well as a yen that has weakened to a 40-year low against the dollar. The value of exports rose 23.2% in July from a year earlier, accelerating from a 19.3% gain in June, the Finance Ministry reported Thursday. The result compared with economists’ median forecast of a 20.1% increase.
It was the fastest advance since October 2022. Imports rose 27.8%, faster than the previous month’s 25.4% gain and economists’ estimate of a 25.1% increase. The trade deficit widened to ¥634.5 billion on an unadjusted basis from a revised ¥409.9 billion deficit in June, marking a third straight month in the red.
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